Mark O’Donnell
Blackbull Markets Limited
Which way will Bitcoin break out of last week’s range? On screen I have highlighted the price range between $29,000 and $26,700, representing the high and low of the week-long ranging period. The price has flirted with a break to the downside, touching as low as $26,500, but a confident close below $27,000 is still to occur.
Bitcoin surged in March as confidence in the global banking system was shaken with the fall of a few US regional banks and the Swiss giant Credit Suisse. As it stands, it appears that the risk of other banks going under is subsiding, which may also stifle the upside potential of bitcoin moving forward. The phycological level of $30,000 might be too lofty a goal for bulls now if a break to the upside does occur. Gold hitting $2,000 might be more likely at this point.
Elsewhere in the crypto sphere, and perhaps applying some more pressure on the price of Bitcoin, The Commodity Futures and Trading Commission has filed a complaint against Binance and its Founder Changpeng Zhao, for allegedly violating US trading and derivatives laws. Binance and Zhao are being accused by the CTFC of operating an "inefficient compliance program" and deliberately violating the law. Zhao has tweeted that the CTFC’s allegations are "fake news”.
Risk Warning: Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange, you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and, therefore, you should not invest money you cannot afford to lose. You should make yourself aware of all the risks associated with foreign exchange trading and seek advice from an independent financial adviser if you have any questions or concerns as to how a loss would affect your lifestyle.
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